Russia Charms First Africa Summit: Financial Times

About $12.5 billion worth of deals were struck during the first ever Russia-Africa Summit, though many are memorandums of understanding that may not result in actual investments, writes Henry Foy for the Financial Times. Russia will export nuclear power plants, fighter jets and missile defense systems to African countries, an attempt to regain influence on the continent. Many of agreements focus on expanding existing arms deals, and the trade relationship is tilted in favor of Russian exports to Africa, explains Foy. While the Soviet Union historically forged close partnerships with many African states during the Cold War, Russia’s current bilateral trade of $20 billion is a 10th of China’s, and relies heavily on exports of arms and grain to a few wealthier nations The summit’s declaration document jabbed at the United States, announcing that participants agreed to “counteract political dictatorship and currency blackmail in the course of international trade and economic cooperation.” Besides enhancing trade and military ties with Africa, Russia also regards itself as a powerbroker for the continent, offering to mediate disputes among African nations. – YaleGlobal

Russia Charms First Africa Summit: Financial Times

Russia struck deals worth $12.5 billion with Arica in the 2019 Russia-Africa Summit, aimed at winning back influence
Henry Foy
Tuesday, October 29, 2019

Read the article from Financial Times about Russia’s attempts to nurture trade and geopolitical influence with African nations.

Russia MIT OEC - $342 billion exports and $222 billion in imports - most trade with Europe

(Source: MIT Observatory of Ecomomic Complexity)

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